EU sanctions relief for Iran to go fully into effect on January 20

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January 13, 2014 15:02

BRUSSELS/LONDON- European Union governments will implement all EU sanctions relief for Iran covered by a landmark nuclear deal on Jan. 20, the day the agreement takes effect - including lifting a ban on insuring its oil, officials said on Monday.

Under the Nov. 24 accord, the EU will suspend for six months a ban on insuring and transporting Iranian oil, as well as a trade ban affecting the country's petrochemicals, gold and other precious metals.

The accord will go into effect next Monday provided the International Atomic Energy Agency (IAEA), the U.N. nuclear watchdog, confirms Iran is carrying out its part of the deal, meaning curbing its most sensitive nuclear work.

The six countries negotiating with Iran hope the interim deal will give them time to hammer out a final settlement with the Islamic Republic.

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